To enter the position, each time we will need three complementary components. Firstly, we need to be able to identify the current upward or downward trend. Secondly, there must be horizontal support or resistance levels on the chart that have previously been tested by the price. The last condition necessary to enter the trade is the so-called trigger. The trigger will be based on the price behavior that we can read through the candlestick patterns. A good trigger can be a pin bar, a large body candle, or other candlesticks pattern. It is about getting the right momentum to open a trade.
TLS strategy for EURUSD 5m!!!
Take a look at the chart below in picture. Is there anything interesting in it? You can see even with the naked eye that there was an uptrend in the five-minute interval.
You can draw all kinds of lines on the chart using the Trend Line. You can use it to mark trends as well as to draw horizontal support and resistance levels. The RSI(14) is also shown in the above chart, but we will talk about it later on. Both Trend Line and RSI can be selected from the menu available by clicking on the compass icon in the upper left corner of the platform next to the instrument name.
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